Credit Union Boards Face Challenging Times

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Today’s environment just might be the most challenging one that credit union boards have faced in modern memory. The pressures of serving on volunteer credit union boards are extremely high. Just like their counterparts on paid boards at for-profit companies, credit union boards have a major fiduciary responsibility, without the attendant compensation and often without appropriate recognition. Yet like their for-profit counterparts, they govern substantial financial organizations and are responsible for managing capital risk.

Credit union board members are industry heroes. They assure member service and financial safety through their leadership in good governance. They provide insights into strategic goals. They oversee management of risk, which seems greater today than ever before. Current issues include an intensely competitive environment, often from larger and better funded entities.  Organizational stresses include litigation, regulatory compliance and decisions related to technology and investment capital for hardware, software and cybersecurity protection.